Unwelcome fallout from HSBC Mexico affair for the CAYMAN ISLANDS
September 6, 2012
As Cayman faces a visit from the OECD in connection with its international obligations regarding tax transparency and anti-money laundering, Premier McKeeva Bush has raised his concerns about HSBC Mexico, which has a class B banking licence in Cayman, and the recent accusations of poor regulation on thousands of its Cayman Islands accounts found to have links to organized crime.
Speaking in the Legislative Assembly on Friday, Bush said his government was “extremely concerned” about the potential impact on Cayman. “The actions or lack thereof by the bank officials and alleged misuse of the Cayman entity can undermine the jurisdiction’s hard work and accomplishments in the AML regime,” Bush said.
Read more at: Tax Times blog